Annual report pursuant to Section 13 and 15(d)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.8.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
12 Months Ended
Dec. 31, 2017
Accounting Policies [Abstract]  
Property, Plant and Equipment Estimated Useful Lives
Depreciation is computed using the straight-line method over estimated useful lives as follows:
 
Category
 
Estimated Life
Buildings
 
40 years
Office furnishings and equipment
 
5 -10 years
Antennae, towers and transmitting equipment
 
10 - 20 years
Studio, production and mobile equipment
 
5 - 10 years
Computer software and website development costs
 
3 years
Record and tape libraries
 
3 years
Automobiles
 
5 years
Leasehold improvements
 
Lesser of the useful life or remaining lease term
Intangibles Asset Estimated Useful Lives
Intangible assets are recorded at cost less accumulated amortization. Typically, intangible assets are acquired in conjunction with the acquisition of broadcast entities, digital media entities and publishing entities. These intangibles are amortized using the straight-line method over the following estimated useful lives:
 
Category
 
Estimated Life
Customer lists and contracts
 
Lesser of 5 years or the life of contract
Domain and brand names
 
5 -7 years
Favorable and assigned leases
 
Lease Term
Subscriber base and lists
 
3 - 7 years
Author relationships
 
1 - 7 years
Non-compete agreements
 
1 to 5 years
Schedule of Partial Self Insurance Reserves
The following table presents the changes in our partial self-insurance reserves.
 
 
 
Year Ended December 31,
 
 
 
2016
 
2017
 
 
 
(Dollars in thousands)
 
Balance, beginning of period
 
$
676
 
$
783
 
Self-funded costs
 
 
9,526
 
 
9,735
 
Claims paid
 
 
(9,419)
 
 
(9,771)
 
Ending period balance
 
$
783
 
$
747
 
Fair value of interest rate swap
 
 
December 31, 2016
 
December 31, 2017
 
 
 
(Dollars in thousands)
 
Fair value of interest rate swap
 
$
514
 
$
—
 
Shares Used to Compute Basic and Diluted Net Earning Per Share
The following table sets forth the shares used to compute basic and diluted net earnings per share for the periods indicated:
 
 
 
Year Ended December 31,
 
 
 
2015
 
2016
 
2017
 
Weighted average shares
 
 
25,426,732
 
 
25,669,538
 
 
26,068,942
 
Effect of dilutive securities - stock options
 
 
461,087
 
 
365,452
 
 
366,815
 
Weighted average shares adjusted for dilutive securities
 
 
25,887,819
 
 
26,034,990
 
 
26,435,757
 
Schedule of Error Corrections and Prior Period Adjustments
The impact of the adjustments on the Consolidated Financial Statements for each of the years presented is as follows:
 
 
 
December 31, 2014
 
 
 
As Reported
 
Adjustment
 
As Revised
 
 
 
(in thousands)
 
Additional Paid In Capital
 
$
240,493
 
$
(1,079)
 
$
239,414
 
Retained Earnings (Accumulated Deficit)
 
 
(2,770)
 
 
(1,447)
 
 
(4,217)
 
Total Stockholders' Equity
 
 
203,994
 
 
(2,526)
 
 
201,468
 
 
 
 
December 31, 2015
 
 
 
As Reported
 
Adjustment
 
As Revised
 
 
 
(in thousands)
Additional Paid In Capital
 
 
241,780
 
 
(1,153)
 
 
240,627
 
Retained Earnings (Accumulated Deficit)
 
 
1,768
 
 
(1,447)
 
 
321
 
Total Stockholders' Equity
 
 
209,821
 
 
(2,600)
 
 
207,221
 
 
 
 
December 31, 2016
 
 
 
As Reported
 
Adjustment
 
As Revised
 
 
 
(in thousands)
 
Deferred Income Tax Liability
 
$
60,769
 
$
2,654
 
$
63,423
 
Total Liabilities
 
 
376,422
 
 
2,654
 
 
379,076
 
Additional Paid In Capital
 
 
243,607
 
 
(1,207)
 
 
242,400
 
Retained Earnings (Accumulated Deficit)
 
 
3,963
 
 
(1,447)
 
 
2,516
 
Total Stockholders' Equity
 
 
213,846
 
 
(2,654)
 
 
211,192